The governance of autonomous driving (AD) technology is vital to enhance its benefits while avoiding the risks. In this paper, we attempt to focus on this issue and take the development of AD in China as an example for examining its governance. First, the positions and responsibilities of important stakeholders (the government and businesses) in the development of AD in the Chinese special administrative system environment are examined. Then, the regulatory relationship between them is discussed through investigating relevant policy documents, company websites, and media reports. The investigation shows that, thus far, the legislative process with regard to AD governance is lagging behind its development to some extent. In most instances, the government’s response is relatively conservative and focuses on creating normative documents to better regulate AD. There is, therefore, a comparative lack of commitment to confirming the legitimacy of AD. In contrast, companies are the pioneers of AD development. They actively explore the future of AD and relevant policy formulation via extensive alliances that share the risks and uncertainties of this innovation. To address the issue of governance, strategies ranging from supplying transportation infrastructure and investing in AD through government-led industrial funds to public–private partnerships have been adopted. However, it is not clear whether this enterprise-led direction of industrial development is consistent with the government’s management goals, although these industry lobbies are actively promoting effective policy-making.